Home sales in Spain soar 51% and reach highest levels since 2007

Real estate transactions in Spain are reaching their highest numbers since the previous housing crisis. In total, during the past month of October, there were 69,418 operations, which is 51.3% more than in the same month of the previous year, according to the property rights transmission statistics published by the National Institute of Statistics (INE). A figure like this had not been recorded since 2007. During the real estate boom years, up to 75,000 property transactions were recorded, so the current figures resemble those of the early 2000s. The reasons behind these data, according to experts, are the reduction in interest rates and, consequently, the improvement in mortgages, as well as the accumulation of savings by families and investors during the pandemic.

The sale of new homes surged in October 2024, with a total of 16,224 transactions taking place. This represents an 83.4% year-on-year increase, the largest since May 2021. The trend suggests a positive year-end for the real estate sector.

The number of used home sales increased in October, by 43.6% year-on-year, reaching a total of 53,194 properties. Three out of every four homes purchased in the country are used, but new home sales are on the rise this year, with a 19% increase so far with two months left in the year.

Another piece of data provided by the INE is that 92.4% of these homes transmitted by sale were free and 7.6% were protected. In annual terms, the number of free homes transmitted by sale increased by 50.6% and that of protected homes by 60.2%. In other words, protected homes continue to be released and sold in the market even in a higher percentage than free ones.

Global housing transaction figures are also positive. In the past month of October, 111,583 operations were recorded, including sales, donations, inheritances, or exchanges. Since the real estate crisis, there hasn't been such a significant exchange of homes, which also gives an idea of the current dynamism of the market.

Andalusia, Valencian Community, and Catalonia led the number of housing transactions

By autonomous communities, Asturias (79.3%), Cantabria (65.8%), and the Basque Country (54.1%) recorded the highest growth rates in home sales. Navarra (12.6%), Castilla y León (20.1%), and Extremadura (23.8%) reported the lowest annual rates. Catalonia, with 16,722 transactions, surpassed Madrid but did not top the list. In the Valencian Community, with almost 17,000 sales, and Andalusia, with over 21,000, were the regions that saw the highest concentration of transactions.

Beyond housing, the INE certifies that the number of registered property transfers (originating from previously executed public deeds) in the month of October this year was 231,209, representing a 37.7% increase compared to the same month in 2023. In the case of registered property sales, which were the majority, there were 130,575 transfers, with an annual growth of 47.9%.